Global Warming: At the cap-and-trade hearings, it was revealed that not everyone will suffer from this growth-killing energy tax. A congresswoman wanted to know why sea levels aren't rising but Gore's bank account is.
When Gore left office in January 2001, he was said to have a net worth in the neighborhood of $2 million. A mere eight years later, estimates are that he is now worth about $100 million. It seems it's easy being green, at least for some.
Gore has his lectures and speeches, his books, a hit movie and Oscar, and a Nobel Prize. But Rep. Marsha Blackburn, R-Tenn., was curious about how a man dedicated to saving the planet could get so wealthy so quickly. She sought out investment advice we all could use in a shaky economy.
Last May, we noted that Big Al had joined the venture capital group Kleiner Perkins Caufield & Byers the previous September. On May 1, 2008, the firm announced a $500 million investment in maturing green technology firms called the Green Growth Fund.
Last Friday, Gore was the star witness at the hearings on cap-and- trade legislation before the House Energy and Commerce Committee. Blackburn asked Gore about Kleiner-Perkins, noting that at last count they "have invested about a billion dollars invested in 40 companies that are going to benefit from cap-and-trade legislation that we are discussing here today."
Blackburn then asked the $100 million question: "Is that something that you are going to personally benefit from?" Gore gave the stock answer that "the transition to a green economy is good for our economy and good for all of us, and I have invested in it but every penny that I have made I have put right into a nonprofit, the Alliance for Climate Protection, to spread awareness of why we have to take on this challenge."
Last May, we also noted that on March 1, Gore, while speaking at a conference in Monterey, Calif., admitted to having "a stake" in a number of green investments that he recommended attendees put money in rather than "subprime carbon assets" such as tar sands and shale oil.
He also is co-founder of Generation Investment Management, which sells carbon offsets that allow rich polluters to continue with a clear conscience. It's a scheme that will make traders of this new commodity rich and Bernie Madoff look like a pickpocket. The other founder is former Goldman Sachs partner David Blood.